SOLUTION: a)what is the interest paid on a loan of $750 at 7.5% simple interest for 2 years? I got 1.125%, please correct me if the answer is wrong and how to get the right answer b) what

Algebra ->  Test  -> Lessons -> SOLUTION: a)what is the interest paid on a loan of $750 at 7.5% simple interest for 2 years? I got 1.125%, please correct me if the answer is wrong and how to get the right answer b) what       Log On


   



Question 923345: a)what is the interest paid on a loan of $750 at 7.5% simple interest for 2 years?
I got 1.125%, please correct me if the answer is wrong and how to get the right answer
b) what is the final amount to pay back?

Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
Simple Interest
I = $750*.075*2 = $112.50
b) $750 + $112.50 = $862.50